The real estate sector in most parts of the world continues to post impressive returns on investment. It has the unique feature of being immune to a recession or a downturn in the economy.
In Lagos, real estate assumes much more telling importance.
With the largest population in Nigeria and with record numbers trooping to the city in search of business opportunities, the demand for accommodation and office space is at record levels.
Steps To Becoming A Real Estate Agent in Lagos
The need for personal and commercial accommodation, for let, lease, or outright sale is more often facilitated by real estate agents. These real estate agents may or may not be the owners of the property, usually serve as middlemen and they are usually protective of such property.
The business of real estate in Lagos continues to post handsome returns for practitioners.
For instance, if a real estate agent can secure the sale of a property worth 25 million nairas in Victoria Island, he or she could earn as much as 2.5 million nairas (at 10% commission on selling price).
Again the real estate sector in Lagos State has its own peculiarities that you must be conversant with if you desire to succeed in being a Real Estate Agent. The first is that the real estate market in Lagos is dynamic and it responds to changes in consumer income and tastes.
The second is that the evolving cosmopolitan nature of the state and its desire to become a megacity in a short time has made the sector the most competitive in the world.
You should also be aware that the Lagos State Government is also playing an increasing role in providing decent accommodation for its inhabitants, while also ensuring that strict building/construction codes are enforced.
If you desire to become a Real Estate Agent in Lagos, Nigeria, the following tips can serve as a guide:
1. Get Requisite Training
As mentioned earlier in the article, the real estate scene in Lagos is peculiar and unlike what obtains in other parts of the world, hence the need for you to cut your teeth in an existing real estate agency.
Also, this move becomes adroit if you plan to be a freelance real estate agent.
The period of internship will allow you to witness firsthand the day-to-day activities that are characteristic of a Real Estate Agency.
You will be exposed to concepts like sourcing for property and deals, real estate marketing strategies, employee engagement, the art and act of negotiation, collaborating with regulatory agencies among other salient aspects of the real estate business.
2. Register with the Relevant National Body
If you want to become a successful Real Estate Agent in Lagos, it becomes important that you register as an agent with the National Body that oversees such activity.
This body is known as the Association of Property Investment and Commission Agents of Nigeria (APICON).
Not only does register with this Association legitimizes your operations, but it also enables you to build up a reputation and a relationship with peers and industry leaders.
Nurturing such an influence will, in the long run, boost your transaction history and precipitate you being referred to more clientele and other businesses.
3. Register with the Relevant Body in Lagos
After you must have finalized your registration with APICON, the next step will be for you to identify with the apex organization that coordinates the activities in your base of operation in Lagos.
This body is called The Lagos State Real Estate Transaction Department (LASRETRAD).
This department will prove consequential to your activities as a Real Estate agent in the state, as you can get referrals and also attend workshops and training on the latest trends and happenings in the sector in Lagos State.
4. Obtain an Office Space
You will be giving your status as a real estate agent a big boost if you can have an office that you operate from and is easily accessible to your clientele.
The reason for this is not far-fetched; property transactions involve considerable amounts of money, hence your existing and potential; clients would want to be assured that you can be located whenever the need arises.
Besides, having an office space gives you an air of professionalism and can help you negotiate more lucrative deals with individuals and businesses.
Even if you cannot afford to rent an office space, you could decide to share quarters with other businesses and share the cost of the rent.
5. Utilize the Reach and Spread of the Internet
While the need for a physical location for your business as a Real Estate Agent is important, it will be suicidal if you do not have an online space to advertise your services. The Internet has been the biggest game-changer in the world of business and the Real Estate sector in Lagos has not been left out.
You can advertise your properties on online property platforms like tolet.com.ng, to create greater awareness about what you do. You can even go the extra mile and create your own website/blog and have pictures of the properties you want to buy, sell or lease put on it.
Other strategies that you can adopt include meeting with property owners on a personal basis, sharing handbills and flyers about your services, and attending business meetings and networking sessions to boost your reach.
Implementing these steps while keeping abreast of new trends in the real estate sector in Lagos, will ensure that you become a successful real estate agent in Lagos.